Massachusetts home, condo sales increase for second straight month

by Liz Hughes

Home and condo sales in the Bay State rose again in May for the second month in a row, as median prices reached new heights, according to the Warren Group’s May 2024 Sales Report.

Massachusetts May single-family home sales were up 7.5% from last year, just a month after they had the largest year-over-year increase since June of 2021. 

Last month, single-family home sales increased 7.5% from the year before, as the median price reached $636,000. 

Cassidy Norton, associate publisher and media relations director of the Warren Group, said the 7.5% year-over-year surge in single-family home sales marked the second month in a row of increases, but there was even more good news.

“Remarkably, during the same period, the median sale price climbed almost 8% to reach an all-time high of $636,000,” Norton said. “Typically, increased sales would temper price growth, but the pent-up demand from homebuyers is redefining market dynamics.” 

Since January, 14,005 homes have sold, up 2.1% from the first five months of 2023. During the same period, the median single-family home price rose 9.3% to $590,000.

Condominium sales also saw increased growth last month. 

Condo sales rose 4.3% to 1,922 transactions, compared to 1,843 in May 2023. Meanwhile, the median sale price increased 4.6% to $550,000, also marking a new high for the month.

“Massachusetts condominium sales activity saw a robust uptick in May, with 1,922 units sold in May 2024 compared to 1,843 in May 2023, marking a 4.3% increase,” Norton said. “The market’s strength is further evidenced by the median sale price rising 4.6%year-over-year to $550,000, setting a new all-time high for the month of May.” 

So far this year, 7,016 condos sold across the state, down 0.5% from 2023, with a median sale price that’s up 6% to $530,000.

The Greater Boston Market

The Warren Group’s May report also included activity in the Greater Boston housing market, which encompasses the 139 communities located within Route 495.

Greater Boston single-family home sales in May grew 7.3% from 2023 to 1,929. Meanwhile, the median single-family sale price increased 6.7% to $800,000.

Condo sales in Greater Boston were also up last month, rising 4.5% to 1,423 transactions, compared to 1,362 in May 2023. The median sale price also rose, up 3.3% from last year to $635,000.

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